Wednesday, May 6, 2020

4 Ways for your Business to stay ahead during Corona virus outbreak


Corona virus is probably the biggest pandemic that has not only taken human lives but has created deep fissures in the global economy. The shock waves set off by the covid-19 pandemic could lead to a cumulative loss of $9 trillion in global gross domestic product (GDP) over 2020-21. The International Monetary Fund expects India’s GDP to grow at 1.9% in 2020-21, making it the fastest growing major economy in a recession-hit world. The complex challenge of reviving India’s economy connects business with society, policy, technology, science and medicine, among other spheres of human endeavor, says Krea University vice-chairman Kapil Viswanathan.
Start ups and small businesses that have minimal cash reserves are most likely to bear the brunt of this slowdown. To remain afloat in this trying times or should we say to get acclimatized to the new normal, enterprises may have to relook at their business plans and strategies keeping in mind the expenses vis-à-vis the revenue status. Here are 4 ways for your business to stay ahead during corona virus outbreak.
1. Tactical Moves can generate new customers/new leads
Most of the businesses are focusing on how to combat the present situation instead of proactively planning for the future. This may sound strange considering the grim circumstances we are facing.  However, by making tactical moves in terms of scouting for new leads or customers can project your company as staying strong and open for new businesses. While others are grappling with the current crisis, invest your time and resources in expanding your client base or venture into an unexplored territory. Such strategic moves will not only generate leads but will showcase your resolve in turning a crisis into an opportunity.
2.   Set up a new risk assessment plan
It’s time that you realize that your existing risk assessment plan may no longer be relevant to rally through the current challenges. The pandemic has jeopardized human health and created a ripple effect on finances, technology and day-to-day operations thus pushing us to think out-of-the-box. The need of the hour is to assess the new emerging risks, monitor them and find innovative ways to mitigate it.  A new risk assessment plan may build more resilience into your business and help identify areas/services that are vulnerable to the crisis and reinvent ways to protect them.
3.   Thrust on external communications
Silence is certainly not golden in times of crisis. Communicating with your target audience and assuring them that your business is going strong is a vital step that needs to be taken during uncertain times. To ensure this happens in a streamlined manner, you can think of adopting flexible marketing methods or simply reach out to your stakeholders through social media platform. The clever use of social media can reinforce the trust your customers have placed in you. Share messages or photos about the measures your company is taking to fight the outbreak, be in terms of sanitizing your office premises or giving food and shelter to your labor force/migrant workers.
4. Identify challenges and devise solutions
To emerge victorious from a crisis situation, it’s important to identify the underlying challenges and devise solutions. Experts have pointed out that market conditions may become volatile in the coming months. This itself is a clue for you to strategize for different scenarios and take every possibility into account including the worst case scenario. It may not be possible to exactly foresee what’s going to happen but being prepared can help you stay vigilant and make adjustments instead of letting the situation spiral into a catastrophe. After all, it’s the survival of the fittest and the smartest!
The lesson which we have learnt from Corona is "Do More With Less", "Look Within and Stay Ahead" and finally "Stand Up and Deliver"

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